How to Start an NEMT Business in Missouri: A Several Part “Bambi Knows Best” State-By-State Series
Part 4: Secure Funding in Missouri
Startups cost to start up. So be realistic about the initial investment required. Factor in vehicle purchases, licensing fees, insurance costs, marketing expenses and operational overhead — and then see about securing adequate funding to get your NEMT business off the ground and sustaining it during the initial stages.
The following are places where you can look for financial support. Explore funding options such as small business loans, seeking angel investors or even crowd-funding platforms.
Here’s a comprehensive list of some of your options in Missouri:
1 | Small Business Loans
The SBA offers various loan programs for small businesses, including the 7(a) loan program, which provides financial assistance for businesses with special requirements.SBA Loans. Missouri Small Business Development Centers (SBDC). The SBDC provides guidance on funding opportunities and can help you prepare business plans and loan applications.
2 | Financial incentives
Missouri Department of Economic Development (DED) offers several programs and resources for new businesses, including financial assistance and incentives.
3 | Grants
While direct grants for starting a business are rare, there are grants available for specific purposes like technological innovation, rural development — and if you’re an NEMT servicing Missouri rural residents, you might just have a chance at a grant! — and more. Grants.gov is a comprehensive resource for finding federal grants.You’re over half way there in this comprehensive series! In order to move onto Part 5 on how to flesh out your NEMT fleet, click here or skip ahead to the other sections in the series by visiting the series’ table of contents here.
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